No plan to privatize any state-owned unit until elections, IMF told

Briefing the International Monetary Fund (IMF) about the progress made on its privatization programme so far, the government has conveyed to it that it has no plan to privatize any state-owned unit until the next general elections, reported 24NewsHD TV channel on Sunday.

Sources in the Finance Ministry told 24News that at the same time, the government had assured the Fund that it would keep working on its privatization programme at a brisk pace.

They informed that a headway had been made on the privatization of the Pakistan International Airlines (PIA), which was expected to complete by February 2024-end. 

Right now, 27 units were on the government’s privatization list, sources said, adding that eight from the financial and real estate sectors were also included in the list.

Similarly, they went on to say, four units from the industrial sector and 14 from the energy sector were also on the list.

Likewise, they informed, the government was actively pursuing the privatization of Pakistan Steel Mills (PSM) and State Life Insurance.

The government was also eyeing the privatization of Balloki, Haveli Bahadur, Guddu and Nandipur power plants, sources revealed.

Not only that, the government was also working on the privatization of all power distribution companies, they disclosed.

House Building Finance Corporation, First Women Bank, Pakistan Engineering Company, Pakistan Engineering Company and Sindh Engineering Limited were also among state-owned units the government wanted to sell, sources concluded.

Reporter: Waqas Azeem